January 21, 1997 |
Experian, the big credit-reporting company formerly known as TRW Information Systems & Services, will halt its practice of providing free credit reports to consumers as of March 1, the Orange-based firm announced Monday. The free service, which was launched in 1992 to give consumers one free copy of their credit report each year, is a casualty of abuse and lack of competition.
April 19, 1996 |
Consumer groups suffered a setback this week when the U.S. Supreme Court refused to consider whether Americans should be able to sue over inaccurate credit reports, even if they haven't been rejected for a loan or a job. The high court rejected a request for review of a New York-based federal appeals court's ruling that unless harmful false information is actually distributed, consumers can't claim they were harmed by a credit-reporting service's mistakes.
April 12, 1989 |
Sen. David Pryor (D-Ark.) urged an investigation today into the verification for banks and credit unions of Social Security numbers, which he called the "largest breach of privacy in the history" of Social Security . In a letter to Louis W. Sullivan, secretary of health, education and welfare, Pryor requested the inquiry by the HHS inspector general into the legality of the transactions and into the competence and credibility of its chief, Dorcas...
April 25, 1992 |
TRW Inc. will begin next week its long-awaited program to provide consumers with a free copy of their credit report, upon request. "We're encouraging consumers to take advantage of it when it will benefit them the most--prior to a major purchase," TRW spokeswoman Susan Murdy said. "It will help consumers understand our role in the credit-granting process." TRW announced in October that it will become the first of the nation's three major credit bureaus to offer free reports.
June 22, 2012
Re "Credit card complaints to go public," June 19 The American Bankers Assn. is opposed to making the Consumer Financial Protection Bureau's credit card complaint database information public because "it would be a public 'outing' of a bank's relationship with its customers based on 'incomplete, unrepresentative and unverified' data. " These same banks have no problems reporting incomplete, unrepresentative and unverified data to the various credit bureaus. The damage done to individuals' financial lives by incomplete, unrepresentative and unverified data in a credit report is far more severe and long-lasting than could possibly be the case for such data in the credit card complaint database.
May 26, 1991 |
Looking to buy a home in the near future? Then take a serious look at your credit. "The mortgage lender is going to pull credit reports on you and those reports are going to weigh very heavily. These days, especially, you're going to have to answer for any credit screw-ups or difficulties," says Keith Gumbinger, of HSH Associates, a mortgage research company. Mortgage experts like Gumbinger say that it is smart to order copies of your credit reports at least a month before you seek a mortgage.
January 24, 2010 |
Dear Liz: I am freaking out and losing sleep. I got a letter about five years ago from the IRS telling me I owed it money, so I stopped filing my taxes. Now I feel scared and nervous and don't know how to fix this. I have my paperwork and want to file all my returns and see how much I owe. I usually get refunds so hopefully the tax bill won't be too bad, but I just don't know where to start. Should I hire an attorney or just throw myself on the mercy of the IRS? Money is tighter than ever, but I feel that I can't move forward until I resolve this issue.
April 11, 2010 |
Dear Liz: My husband racked up more than $17,000 in credit card debt and negotiated a settlement for $4,000 last year. We received a 1099-C form for $13,000 of forgiven debt, which we have to claim as income. That puts our modified adjusted gross income over the threshold of being able to claim tuition and college expense deductions for our three kids and myself. We now owe more than $11,000 in taxes and we don't have the cash to pay. Any advice would be greatly appreciated. Answer: You may think owing an $11,000 tax bill because you saved $13,000 on a credit bill is bad enough.
December 14, 1994 |
In the next few weeks, after the gifts have been opened, the tree taken down and party decorations packed away, some less cheery reminders of Christmas will linger as holiday bills arrive. Free spenders may find themselves unable to handle their mounting debts. But financial experts warn that falling behind with payments can be expensive and jeopardize future borrowing plans.